Cuba And Venezuela Offer Cautionary Tales Of Socialism

Before the revolution, Cuba’s economy was larger than Singapore’s. But whereas the former’s decayed, the latter’s thrived under the free market policies of Lee Kuan Yew, who came into power the same year as Castro. Today, Singapore has one of the world’s highest GDPs per capita and ranks number one on the Heritage Foundation’s Index of Economic Freedom. And then there’s Venezuela, once the wealthiest country in South America thanks to its fossil fuel reserves, the largest in the world. High oil prices may have helped keep Venezuela’s coffers well stocked during Hugo Chavez’s administration, but conditions tanked dramatically in 2014 when the bottom fell out of the oil market. By Frank Holmes. Full Text-> Forbes

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